The National Association of Realtors Pending Home Sales Index dropped 2.8 percent in January, falling from a mark of 91.5 in December to 88.9 last month.
Despite the drop, pending housing sales are doing much better than they were last June (http://www NULL.marketwire NULL.com/press-release/Pending-Home-Sales-Decline-in-January-1402874 NULL.htm), when the rate was 20.6 percent lower. The pace of sales for the month of January was 5.36 million. This is slightly higher than the expected number.
"The housing market is healing with sales fluctuating at times, depending on the flow of distressed properties coming on the market," said Lawrence Yun, the chief economist for the National Association of Realtors.
More good news for Houston real estate is that the index indicated that the South rose 1.4 percent to 97.7. The number is currently 0.4 percent below last January, but is well above the national average.
The Houston real estate market has been higher in many areas than the rest of the country, but it is still not out of the woods. Demand for Houston homes is still where it was a few years ago.